World Economy

French Firm to Buy Aveva

French Firm to Buy AvevaFrench Firm to Buy Aveva

French electrical equipment maker Schneider Electric said Tuesday it has agreed to combine its industrial software activities with British firm Aveva in the third attempt to merge the two companies in as many years, AFP reported. Schneider Electric said in a statement it will take a 60% stake in the combined entity, with existing Aveva shareholders to receive £650 million ($840 million) in cash or 1,014 pence per Aveva share. It would continue to be based in Cambridge and will remain listed on the London Stock Exchange.


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